Churchill Downs Incorporated News Release: CDI Announces New Victory Run Capital Investment at Churchill Downs Racetrack

Oct 22, 2025

Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today a growth project called Victory Run, an exciting new structure on the first turn of the Churchill Downs Racetrack between the First Turn Club and the Skye Terrace. Victory Run will replace uncovered, ground-level box seats and dated dining areas with a new premium hospitality and seating offering.

This new four-story structure features a variety of premium hospitality experiences with tremendous views of the finish line of the racetrack, and will include private suites, indoor and outdoor dining, and covered box seating. The project will replace approximately 6,400 existing seats with premium seating for approximately 7,800 guests.

Pending incentives that must be approved first by the City of Louisville and then by the appropriate state agencies, including the Kentucky Cabinet for Economic Development, CDI anticipates construction of Victory Run will begin following the 2026 Kentucky Derby and will be completed by the 2028 Kentucky Derby. CDI plans to offer an interim upgraded seating experience in this area with temporary seating and enhanced amenities for the 2027 Kentucky Derby. CDI plans to spend $280-$300 million on the project.

“We are excited to unveil the Victory Run project for Churchill Downs Racetrack,” said Bill Carstanjen, Chief Executive Officer of CDI. “This project will create a greatly improved experience for our guests in an important section of our racetrack while delivering long-term growth and value for our shareholders.”